SEC Targets Ethereum with Late, Legally Dubious Subpoenas

The SEC is going after Ethereum, subpoenaing records from companies about their dealings with the blockchain foundation. This could have broad, unpredictable consequences if they declare Ethereum a security.

The SEC's move comes very late, with Ethereum nearly 10 years old. It's like trying to put the toothpaste back in the tube at this point.

The timing may relate to Ethereum's recent switch to a proof-of-stake model, which cut emissions but perhaps opened it to a securities law argument.

The SEC will likely lose in court. This seems driven by politics and pressure from progressives rather than a strong legal case.

Sam Bankman-Fried's lawyers paint him not as a supervillain but complain the proposed sentence is medieval and a death sentence.